Adotas

Where media buyers start online





News

Qihoo 360 Reports Earnings, Proves Leader In China

Written on
Nov 17, 2011 
Author
Sarah Novotny  |
Share
Qihoo 360 Reports Earnings, Proves Leader In China

ADOTAS – Qihoo 360 Technology Co. Ltd., a new leader in the Chinese internet market, today reported its unaudited financial results for the third quarter, ending September 30, 2011.

Third Quarter 2011 Highlights Include:

• Revenues were a record $47.5 million, an increase of 207 percent from $15.5 million in the third quarter of 2010.

• Net income attributable to Qihoo 360 was $10.9 million, an increase of 186 percent from $3.8 million in the third quarter of 2010.

• Net income attributable to Qihoo 360, excluding share-based compensation (“non-GAAP”)(1), was $19.5 million, an increase of 306 percent from $4.8 million in the third quarter of 2010.

• Diluted earnings per ADS(2) (EPADS) attributable to Qihoo 360 were $0.09.

• Diluted EPADS attributable to Qihoo 360 excluding share-based compensation (non-GAAP)(1) were $0.16.

• User penetration of Qihoo 360′s browsers reached a record 57 percent in September 2011(3).

• Average daily clicks on the company’s 360 Personalized Start-up Pages numbered 185 million in September 2011.

“We are very pleased to report our third consecutive quarter of robust growth since becoming a public company, as we set a number of new records in financial and operating metrics,” commented Hongyi Zhou, chairman and CEO of Qihoo 360. “Our success was driven by our continued focus on product and technology innovation and customer satisfaction. Despite continued global economic uncertainty and capital markets volatility, growth in China’s internet sector remains healthy and we continue to outgrow the market by a wide margin.

“Our business fundamentals are stronger than ever. We saw accelerated growth in all major business segments, including online advertising and Internet value-added services during the quarter. As we maintain our dominant market position in China’s internet security industry, we continued to expand our market share in other key product areas. Our browsers’ user penetration hit a record high of 57 percent, effectively becoming the market leader in September. This is particularly encouraging as it shows the level of trust our users have in us, and the strong brand recognition we carry in the market.

“We remain well-positioned for the many opportunities that we believe lie ahead as we execute our open platform strategy and to drive long-term growth. Our focus on innovation has been a core strength and will continue to be vital as we expand our online platform with new services and applications. Today, more businesses than ever have come to appreciate the value that our open platform brings to the market. We intend to capitalize on this untapped potential as we build scale in the coming quarters and years,” Mr. Zhou concluded.

Xiangdong Qi, president of Qihoo 360, added, “With a healthy market environment in China and our history of solid execution, we achieved stronger than expected revenue growth and profitability in the third quarter. During the quarter, we significantly expanded our mobile product portfolio by launching a full range of mobile browsers and app stores for mobile applications. As we continue to execute our business plan, we are confident that we can consistently deliver strong operating results in the near term. We believe our proactive investments in product innovation and technology on both PC and mobile platforms will support long-term sustainable growth for our company.”





Reader Comments.

The article never actually says what their business is. Please explain, sounds interesting.

Posted by Chris Zaharias | 6:11 pm on November 18, 2011.

Leave a Comment

Add a comment

Tags: , , and
Article Sponsor

More News


  • Once Facebook goes public, what's the most important thing it'll need to do in order to live up the expectations of its real value?

    View Results

    Loading ... Loading ...

Latest News

News Archive

Spotlight

Sponsormob Leads the Way Into RTB for MobileADOTAS – For more than half a decade, Berlin-based tech firm Sponsormob has remained relevant in an industry characterized by [...] more...

Adotas Partnership